Ironhorse Announces Q3 2012 Financial and Operating Results

Funds from operations for the third quarter 2012 was an outflow of $0.1
million ($0.00 per diluted share) compared to an inflow of $0.3 million
($0.01 per diluted share) for the third quarter of 2011 as a result of
the dispositions in late 2011 with no significant replacement of
reserves until Pembina comes onto production.

Net debt at September 30, 2012 was $3.3 million within current credit
facilities of $5.0 million compared to net debt at December 31, 2011 of
$7.8 million.

The Company and its partners continue to work with the ERCB and Pembina
area residents in order to obtain regulatory approvals to complete the
final development and production plans for its Pembina oil wells. The
wells are expected to come on production by the fourth quarter of 2013
at an initial restricted rate of 2,000 (310 net) boe/d.

In November 2012, Tim Veenstra, Chief Operating Officer, left the
Company. His services were provided under the management contract with
Grizzly Resources Ltd.

SELECTED INFORMATION

For three months ended

September 30

June 30

September 30

($ thousands except per share & unit amounts)

2012

2012

2011

Financial

Petroleum and natural gas revenues (1)

451

421

1,671

Funds from operations (2)

(85)

(146)

258

Per share - basic and diluted

0.00

(0.01)

0.01

Net (loss) income

(318)

(256)

(1,644)

Per share - basic and diluted

(0.01)

(0.01)

(0.06)

Capital expenditures (3)

186

125

626

Operation

Production

Oil (bbl/d)

51

63

89

Gas (mcf/d)

355

4

3,139

Total (boe/d)

110

64

612

Petroleum and natural gas revenues ($/boe)

44.32

73.14

29.69

Royalties ($/boe)

(9.38)

(24.51)

(7.65)

Operating expenses ($/boe)

(18.60)

(30.59)

(8.79)

Operating netback ($/boe)

16.34

18.04

13.25

(1)Petroleum and natural gas revenues are before royalty expense.(2)Funds from operations and net debt are non-GAAP measures as defined in
the Advisory section of the MD&A. (3)Capital expenditures are before acquisitions and dispositions.

Additional Information

Ironhorse's complete results for the three and nine months ended
September 30, 2012, including unaudited condensed financial statements
and the management's discussion and analysis are available on SEDAR or
the Company's web site at www.ihorse.ca.

About Ironhorse:

Ironhorse Oil & Gas Inc. is a Calgary-based junior oil and natural gas
production company trading on the TSX Venture Exchange under the symbol
"IOG."

Forward-looking statements:

Statements throughout this release that are not historical facts may be
considered to be "forward looking statements." These forward looking
statements sometimes include words to the effect that management
believes or expects a stated condition or result. All estimates and
statements that describe the Company's objectives, goals, or future
plans, including management's assessment of future plans and
operations, drilling plans and timing thereof, expected production
rates and additions and the expected levels of activities may
constitute forward-looking statements under applicable securities laws
and necessarily involve risks including, without limitation, risks
associated with oil and gas exploration, development, exploitation,
production, marketing and transportation, volatility of commodity
prices, imprecision of reserve estimates, environmental risks,
competition from other producers, incorrect assessment of the value of
acquisitions, failure to complete and/or realize the anticipated
benefits of acquisitions, delays resulting from or inability to obtain
required regulatory approvals and ability to access sufficient capital
from internal and external sources and changes in the regulatory and
taxation environment. As a consequence, the Company's actual results
may differ materially from those expressed in, or implied by, the
forward-looking statements. Forward-looking statements or information
are based on a number of factors and assumptions which have been used
to develop such statements and information but which may prove to be
incorrect. Although the Company believes that the expectations
reflected in such forward-looking statements or information are
reasonable, undue reliance should not be placed on forward-looking
statements because the Company can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified in this document, assumptions have
been made regarding, among other things: the ability of the Company to
obtain equipment and services in a timely and cost efficient manner;
drilling results; the ability of the operator of the projects which the
Company has an interest in to operate the field in a safe, efficient
and effective manor; and field production rates and decline rates.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that
could affect the Company's operations and financial results are
included elsewhere herein and in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). Furthermore, the forward-looking statements contained in this release
are made as at the date of this release.

Boe Conversion - Certain natural gas volumes have been converted to
barrels of oil equivalent ("boe") whereby six thousand cubic feet (mcf)
of natural gas is equal to one barrel (bbl) of oil. This conversion
ratio is based on an energy equivalency conversion applicable at the
burner tip and does not represent a value equivalency at the wellhead.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."